(NVDA) Nvidia Stock Price Plunged! Meme Stocks' Performance Seems To Be Surprisingly Good
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Nvidia shares dived 6.30% yesterday on news that the company missed its revenue projection by $1.4 billion due to slower demand for PCs and gaming. Nvidia pulled other US chipmakers into the negative along with it, and brought the question of whether the chip rally, which was triggered by a $52 billion government help is over.
US Dollar Index Amid NFP
The dollar index gave back gains following the blowout NFP figures printed on Friday. Investors are confident that inflation in the US may have peaked last month, as the New York Fed's Survey of Consumer Expectations showed steep drops in inflation expectations in July.
Forex - EUR/USD and more
In the FX, the EURUSD is steady around the 1.02 level, waiting for the dollar to soften on ‘good news’ to make a further attempt toward the 1.0350 mark, where stands the 50-DMA. Given that the European Central Bank (ECB) played its biggest cards at last meeting, there is not much upside potential from the ECB standpoint. On the dollar-yen front, traders now call the end of a particularly winning long USDJPY trade this year.
Watch the full episode to find out more!
0:00 Intro
0:23 Nvidia plunges on slowing earnings
1:44 The revenge of energy stocks
3:10 Crude oil: where to?
4:59 Meme stocks rally, but gains are fragile
6:06 US inflation expectations ease before CPI print
7:52 FX update: EURUSD steady, USDJPY under pressure
For economists, inflation expectations are more important than the actual data. Find out why!
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Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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